This is an extremely detailed set of notes on Equity, focusing largely on trusts. It covers the basic concepts of equity and trusts, beneficiaries' benefits, three certainties, constitution and formalities in creating trusts, administrative powers of trustees, breach of trust, fiduciary liability, ...
GLOSSARY OF TERMS................................................................4
Types of rights.............................................................................................................................................. 4
Specific equitable interests........................................................................................................................... 4
BASIC CONCEPTS OF EQUITY AND TRUSTS..................................5
Introduction to Equity................................................................................................................................... 5
Characteristics of Equity......................................................................................................................................5
Key historical moments........................................................................................................................................6
Equity’s relationship with the common law........................................................................................................6
Introduction to trusts.................................................................................................................................... 8
Parties to a trust...................................................................................................................................................9
Nature of a trust.................................................................................................................................................11
BENEFICIARIES’ BENEFITS AND THREE CERTAINTIES..................14
Beneficiaries’ Benefits................................................................................................................................. 14
Benefits conferred by Equity.............................................................................................................................15
Benefits conferred by settlors............................................................................................................................18
Three Certainties......................................................................................................................................... 20
Certainty of intention.........................................................................................................................................20
Certainty of subject matter................................................................................................................................23
Certainty of objects............................................................................................................................................27
CONSTITUTION, FORMALITIES, RULE AGAINST PERPETUITIES.... .34
Constitution................................................................................................................................................ 34
Self-declaration as trustee.................................................................................................................................35
Transfer to another to hold on trust..................................................................................................................36
Directions to trustees.........................................................................................................................................40
Formalities.................................................................................................................................................. 41
Self-declaration of trust.....................................................................................................................................41
Signed by whom?...............................................................................................................................................42
Instrument of Fraud Principle............................................................................................................................43
Disposition.........................................................................................................................................................43
Declaration of sub-trust by equitable owner.....................................................................................................46
Rules on perpetuity..................................................................................................................................... 46
Rule against inalienability..................................................................................................................................47
Rule against remote vesting..............................................................................................................................47
BENEFICIARIES; ADMINISTRATIVE POWERS OF TRUSTEES..........50
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